Integrated Financial Statements

Company Name
(000s)
Historical Historical Projected Projected Projected Projected Projected
INCOME STATEMENT 20X1 20X2 20X3 20X4 20X5 20X6 20X7
Revenue 74,452 83,492 91,841 101,025 111,128 122,241 134,465
Growth (%) NA 12.1% 10.0% 10.0% 10.0% 10.0% 10.0%
Cost of Goods Sold 64,440 72,524 79,634 87,597 96,357 105,992 116,592
% of Sales 86.6% 86.9% 86.7% 86.7% 86.7% 86.7% 86.7%
Gross Profit 10,012 10,968 12,208 13,428 14,771 16,248 17,873
% of Sales 13.4% 13.1% 13.3% 13.3% 13.3% 13.3% 13.3%
Operating Expenses (SG&A) 6,389 6,545 7,540 8,294 9,124 10,036 11,040
% of Sales 8.6% 7.8% 8.2% 8.2% 8.2% 8.2% 8.2%
Operating Income (EBIT) 3,623 4,423 4,667 5,134 5,647 6,212 6,833
Interest Expense ON 518 474 415 341 300 260 220
Pretax Income 3,105 3,949 4,252 4,793 5,347 5,952 6,613
Income Tax Expense 1,087 1,382 1,488 1,678 1,872 2,083 2,315
Tax Rate NM NM 35.0% 35.0% 35.0% 35.0% 35.0%
Net Income 2,018 2,567 2,764 3,116 3,476 3,869 4,299
Operating Income (EBIT) 3,623 4,423 4,667 5,134 5,647 6,212 6,833
Depreciation 2,648 2,981 3,273 3,600 3,960 4,356 4,792
Amortization 0 0 0 0 0 0 0
EBITDA 6,271 7,404 7,940 8,734 9,607 10,568 11,625
BALANCE SHEET 20X1 20X2 20X3 20X4 20X5 20X6 20X7
Current Assets
Cash 1,773 2,000 2,000 3,325 4,816 6,501 8,449
Accounts Receivable 7,750 8,852 9,649 10,614 11,675 12,842 14,127
Inventory 4,800 5,700 6,095 6,705 7,375 8,113 8,924
Prepaid Expenses 456 1,849 1,849 1,849 1,849 1,849 1,849
Total Current Assets 14,779 18,401 19,593 22,492 25,715 29,306 33,348
Fixed Assets
PP&E, Net of Accum. Depreciation 10,913 10,932 11,159 11,559 12,099 12,743 13,451
TOTAL ASSETS 25,692 29,333 30,752 34,051 37,814 42,049 46,799
Current Liabilities
Accounts Payable 5,665 6,656 7,155 7,870 8,657 9,523 10,475
Line of Credit 792 1,375 32 0 0 0 0
Current Maturities of Long Term Debt 500 500 500 500 500 500 500
Total Current Liabilities 6,957 8,531 7,687 8,370 9,157 10,023 10,975
Long Term Liabilities
Long Term Debt, Net of Current Maturities 5,000 4,500 4,000 3,500 3,000 2,500 2,000
TOTAL LIABILITIES 11,957 13,031 11,687 11,870 12,157 12,523 12,975
Common Stock 15 15 15 15 15 15 15
Additional Paid In Capital 5,000 5,000 5,000 5,000 5,000 5,000 5,000
Retained Earnings 8,720 11,287 14,051 17,166 20,642 24,511 28,809
TOTAL EQUITY 13,735 16,302 19,066 22,181 25,657 29,526 33,824
TOTAL LIABILITIES & EQUITY 25,692 29,333 30,752 34,051 37,814 42,049 46,799
Check 0.0 0.0 0.0 0.0 0.0 0.0 0.0
BALANCE SHEET ASSUMPTIONS
AR Days 38 39 38 38 38 38 38
Inventory Days 27 29 28 28 28 28 28
AP Days 32 33 33 33 33 33 33
CASH FLOW STATEMENT 20X1 20X2 20X3 20X4 20X5 20X6 20X7
CASH FLOW FROM OPERATING ACTIVITIES
Net Income 2,764 3,116 3,476 3,869 4,299
Add Back Non-Cash Items
Depreciation 3,273 3,600 3,960 4,356 4,792
Amortization 0 0 0 0 0
Changes in Working Capital
Accounts Receivable (797) (965) (1,061) (1,167) (1,284)
Inventory (395) (610) (670) (738) (811)
Accounts Payable 499 715 787 866 952
Net Cash Provided by Operating Activities 5,343 5,857 6,491 7,186 7,947
CASH FLOW FROM INVESTING ACTIVITIES
Capital Expenditures - Purchase of PP&E (3,500) (4,000) (4,500) (5,000) (5,500)
Net Cash Used in Investing Activities (3,500) (4,000) (4,500) (5,000) (5,500)
CASH FLOW FROM FINANCING ACTIVITIES
Revolving Credit Facility (Line of Credit) (1,343) (32) 0 0 0
Long Term Debt (500) (500) (500) (500) (500)
Net Cash Provided by (Used in) Fnce Activities (1,843) (532) (500) (500) (500)
Net Cash Flow 0 1,325 1,491 1,686 1,947
Beginning Cash Balance 2,000 2,000 3,325 4,816 6,501
Ending Cash Balance 2,000 3,325 4,816 6,501 8,449

Supporting Schedules
Company Name
(000s)

DEBT SCHEDULE 20X1 20X2 20X3 20X4 20X5 20X6 20X7

Cash Balance @ Beg of Year (End of Last Year) 2,000 2,000 3,325 4,816 6,501
Plus: Free Cash Flow from Operations and Investing 1,843 1,857 1,991 2,186 2,447
Plus: Free Cash Flow from Financing (BEFORE L.O.C.) (500) (500) (500) (500) (500)
Less: Minimum Cash Balance 2,000 2,000 2,000 2,000 2,000
Total Cash Available or (Required) from L.O.C. 1,343 1,357 2,816 4,501 6,449
Line of Credit 792 1,375 32 0 0 0 0
Debt
Long Term Debt, Net of Current Maturities 5,000 4,500 4,000 3,500 3,000 2,500 2,000
Current Portion of Long Term Debt 500 500 500 500 500 500 500
Interest Expense
Interest Rate on Long Term Debt 8.0% 8.0% 8.0% 8.0% 8.0%
Interest Rate on Line of Credit 5.0% 5.0% 5.0% 5.0% 5.0%
Interest Expense on Long Term Debt 380 340 300 260 220
Interest Expense on Line of Credit 35 1 0 0 0
Total Interest Expense 415 341 300 260 220

PP&E SCHEDULE 20X1 20X2 20X3 20X4 20X5 20X6 20X7

Beg: PP&E, Net of Accum. Depreciation 10,932 11,159 11,559 12,099 12,743
Plus: Capital Expenditures 3,500 4,000 4,500 5,000 5,500
Less: Depreciation Used To Project 3,273 3,600 3,960 4,356 4,792
Depreciation as % of Revenues 3.56% 3.57% 3.56% 3.56% 3.56% 3.56% 3.56%
End: PP&E, Net of Accum. Depreciation 11,159 11,559 12,099 12,743 13,451